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Galaxy Digital Inc. (NASDAQ: GLXY) CEO Mike Novogratz has forecasted a major transformation in the cryptocurrency sector, moving away from speculation.

Novogratz attributed the recent Bitcoin (CRYPTO: BTC) slump to a broader industry shift rather than a single event. He expects something more enduring to emerge from the downturn, arguing that “the age of speculation” in crypto will fade as the industry attracts institutions with people of “different risk tolerance.”

Speaking at the CNBC Digital Finance Forum on Tuesday in New York City, the CEO stated that the future of crypto involves “real world assets with…